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8

Sep '21

How to become a resident of Cyprus? Cycle of articles

Article 1. Introduction. The path from tourist to resident Being a tourist in any country is simple and interesting, because a short visit will provide you not only with a lot of positive emotions, but also with the opportunity to have a great rest and avoiding routine duties. But what happens if you decide to stay in the state you like so much for a long time? Is it possible? [...]

6

Sep '21

How to become a resident of Cyprus? Cycle of articles. Article 2

Article 2. Registration of foreign citizens in Cyprus. Residence permit In this article, we will acquaint you with information on how foreign citizens are registered in Cyprus and how they receive a residence permit. The beginning of the cycle and the full list of articles can be found at the link: Article 1. Introduction. The path from tourist to resident. Which organization deals with the registration of foreign citizens in Cyprus? [...]

5

Sep '21

Cyprus Pension Programs. Expected changes in the legislation

Cyprus pension programs Youth and health are not eternal and time passes quickly. So, each of us must do everything possible to secure a decent future for himself from the moment when he can no longer fully work and provide for his needs and the needs of his loved ones due to age or health. However, the financial stability and well-being that should accompany you after retirement cannot be achieved overnight. [...]

4

Sep '21

THE PROCEDURE FOR USE AND EXCHANGE OF FOREIGN DRIVING LICENSES IN CYPRUS

Foreigners arriving in Cyprus can drive vehicles using a valid international driving license or national driving license provided that this license is valid for the class of the vehicle they wish to drive. However, after a certain period of time, the driving license of most foreign countries must be replaced with a Cypriot driving license. Use of a foreign driving license in Cyprus In terms of use and exchange, foreign driving licenses can be divided into 3 categories: [...]

30

Aug '21

What you Need to Know about Keyman Insurance

A company's greatest asset is undoubtedly its staff. While every person plays an important role in a business though, there are always certain members of staff whose absence could be highly detrimental to the company's success. This is why a Keyman or Key person insurance policy may be the greatest investment you could make. Keyman insurance is an insurance policy specifically designed to help a business recover in case it loses a key person who is considered invaluable for its running and growth. [...]

30

Aug '21

How to Choose Car Insurance

Insuring your car is required by law and while it constitutes a significant expense that many justifiably try to reduce, even a minor accident can soon make us realise how important insurance can be. Despite that, most of us wait until the last few days before it expires to do some research, and that is usually only related to car insurance prices. In most cases, this is hardly enough to help us realise if we've got the right coverage for us. [...]

27

Aug '21

Renters Insurance - What is it and Who Needs it

Imagine going away on holiday for a week, only to return to the home you are renting and find it has been broken into. Your TV, laptop, and jewellery is gone, and some of your furnishings have been broken. Could you afford to replace it all by yourself? If your answer to that question is no, then you need renter's insurance. Renter's insurance is a type of property insurance providing coverage to persons renting or subletting a home or apartment. [...]

27

Aug '21

All Risks Insurance

Imagine spending your time and savings renovating your home, only to have it flooded due to an unexpectedly powerful storm during the winter. What do you do? How do you ensure that your insurance will cover your damages? That's when all-risk insurance comes into play on your policy. 'All risks' refers to a kind of insurance coverage that automatically covers all risks and perils (i.e. property damage/loss arising from accidents or unforeseeable incidents), except for those that are specifically excluded in the contract. [...]

25

Aug '21

Group Insurance

In today's competitive climate, what is it that makes a company stand out from the rest? What can it do to ensure it attracts and retains high-caliber employees? There is perhaps no better way for employers to demonstrate they care for their employees than to offer them group insurance schemes. Group insurance provides coverage for groups of employees at a company or members of an organisation at a more affordable price than individual medical policies. [...]

21

Aug '21

Business Insurance (FAQ)

Whether you're just thinking of starting your own business or you already own one, it can feel exciting and daunting at the same time, since you are investing both your time and money and need your venture to go well. To protect your investment, business insurance can offer you coverage that will protect you when the unexpected occurs. 1.Why do I need insurance for my business? Starting your own business always entails some degree of risk, and as an entrepreneur you need to make sure your company's assets are protected. [...]

16

Aug '21

Public Liability Insurance (FAQ)

In a world where public health and safety are becoming more and more a priority, if your work requires you to work with members of the public, whether that is on site, in other people's homes or your own premises, public liability insurance is essential. 1.What is Public Liability Insurance? Public Liability is a type of business insurance that covers businesses across industries if a client or member of the public claims to have been injured or had property damaged due to their activities. [...]

14

Aug '21

Criminality in Cyprus

When you're planning to travel to a country, whether that is to visit it as a tourist or to move there permanently, one of your main concerns should be how safe it will be as a destination. You should have no such concerns when coming to Cyprus, since it is consistently ranked as one of the safest countries in the world.  In fact, in early 2020 travel insurance comparator Insurly issued a safety index, allowing you to assess the level of risks you might face when venturing to a country abroad, and Cyprus came in 5th worldwide. [...]

13

Aug '21

Travel Insurance

  More and more people travel around the world every year and while traveling can be an exciting adventure for most, it can turn sour quickly if things go wrong. To prevent this from happening, travel insurance can cover a whole range of risk scenarios that could potentially put a damper on your trip. Travel insurance is a type of insurance plan you purchase before traveling that can cover the costs and losses you may suffer if something occurs during your travels. [...]

13

Aug '21

Income Protection Insurance

Many of us live payday to payday, with just enough savings to maybe get us through a few months without a steady source of income. Life can be very unpredictable, so how can you make sure you and your family are still financially secure if, for some reason, you cannot work for a period of time?  Income Protection insurance can become your safety net if you get ill or injured in an accident and become unable to work. [...]

11

Aug '21

What kind of insurance do I need if I rent out my house?

Do I need insurance if my residential property (country house, summer residence) is rented out? Almost all people dream of owning a second home or a country house. But just like the house in which you live, a country house requires maintenance and care costs, as well as third party liability insurance. The issues that arise out of providing residential real estate for rent and insurance of associated risks do not only concern the citizens of Cyprus as the owners of real estate, but foreign home owners as well. [...]

10

Aug '21

Life Insurance (FAQ)

Our loved ones are always a priority in our life. If you are worried about what would happen to those surviving you in case of death, getting Life Insurance should be a priority to ensure the ones you leave behind are at least financially secure. 1.What is life insurance? A life insurance policy is a contract between the policyholder and the insurer, wherein the latter promises to provide your beneficiaries with a sum of money upon your death, or pay off an existing mortgage. [...]

9

Aug '21

Public Liability Insurance - What is it and Who Needs it

If you are a business owner who likes to think ahead, you will want to be prepared for any eventuality, especially if your line of business requires you to deal with people on a daily basis. Accidents inevitably happen, and when they do, Public Liability insurance can be the only thing protecting you from the sometimes unbearable costs of legal claims against you. Public liability is a type of business insurance designed to protect and cover businesses across industries should a client or member of the public claim to have been injured or had their property damaged because of your business activities. [...]

7

Aug '21

Money Insurance

From profits to costs, monetary transactions affect every area and are crucial for business operations. If your business regularly handles large amounts of cash, however, you definitely need to consider how it would be affected should that money be lost or stolen. No matter how careful you are, there is always a risk when you transfer funds, whether that is through cheques, postal orders, drafts or cash. A Money Insurance policy can help set your mind at ease. [...]

7

Aug '21

Crime Insurance

The word 'crime' is one that rings differently for each person, especially when it comes to business. While businesses only used to be in danger of in-person theft and robbery in the past, that was slowly overtaken by white collar crime events and in the more recent years, cyber crime. No matter the size, territory and business sector, however, all organisations are vulnerable to risk of fraud. Fraud can take many forms - the theft or unauthorised transfer of cash, stocks, or other assets; forgery or alteration of negotiable instruments; receipt of counterfeit currency; computer hacking and related cyber fraud - and can continue for many years before it is discovered, often causing devastating damage to your business and its reputation. [...]

6

Aug '21

Media Liability Insurance

One way or another, almost all businesses need to produce and broadcast or publish media content. The advent of the Digital Age has opened up new forms of communication and anyone with access to a social media account can now become a content creator. This expanded exposure, however, means that any kind of communication outlet could be at risk from liability claims for things like libel, intellectual property claims or invasion of privacy. [...]

5

Aug '21

Critical Illness (FAQ)

Nobody likes to think of the worst case scenario, but the truth is that serious illnesses have become a part of reality for many people around the world. Though lesser known than Life or Health Insurance, in the event of a major health emergency, Critical Illness insurance might be the only thing standing between you and financial ruin. 1.What is Critical Illness Insurance? In short, Critical Illness insurance will provide you with a lump sum of money should you be diagnosed with certain long-term and serious conditions such as a heart attack or stroke, or diseases like cancer, multiple sclerosis or Parkinson's disease. [...]

4

Aug '21

Watercraft Insurance FAQ

Whether you're a boat, yacht or pleasure craft owner, the importance of having it properly insured cannot be stressed enough.  1.What do Boat Insurance policies usually cover? The vessel's value and size, as well as where and how you use your boat will usually determine the kind of coverage you need. The types of loss you want to be insured for can also determine your policy terms. Liability insurance, for example, will cover the boat owner for damage caused to other boats or injuries caused to others. [...]

4

Aug '21

Life and health insurance: what will not be covered by your insurance policy?

In our work we are often faced with questions from the clients about the exclusions present in their life and health insurance policies. As sane people they are absolutely sure that every rule has at least one exclusion, and no protection in the world (including insurance) can be absolute. Our clients want to know exactly what will happen to their insurance coverage in a given situation, and our duty is to provide them with complete and comprehensive information on this issue. [...]

29

Jul '21

Group Insurance (FAQ)

When employees need to take time off due to health issues, it may have a major impact on your business. Group Health insurance is designed to help people get back to work as quickly and effectively as possible. 1.What is Group Health Insurance? Group health insurance provides quality healthcare coverage to the employees in a business or organisation. It is designed specifically around the needs and requirements of employees and covers any hospitalisation expenses they may incur, as well as various other healthcare costs defined in the policy. [...]

29

Jul '21

Marine Cargo Insurance (FAQ)

While the word 'marine' inevitably conjures up images of the sea, Marine Cargo insurance is not restricted to the movement of cargo across the seas.  1.What is Marine Cargo Insurance? In simple terms, it is the insurance of property from any loss or damages it may incur as it moves from place to place. While the name of the policy based on the Marine Insurance Act 1906 does specifically refer to 'marine losses' and 'maritime perils', since international travel ofter requires the use of more than one type of transport to ensure the cargo reaches its destination, Marine Cargo insurance also makes provisions for aircraft, road, and rail vehicles. [...]

26

Jul '21

Personal Accident Insurance (FAQ)

Accidents are a part of life and may happen at any time, but they may also leave you unable to work and provide for your loved ones. A Personal Accident Insurance policy may help you get back on your feet.   1.How is an accident defined? An accident can be any sudden, unintended external event which might cause an individual bodily harm and lead to a temporary or permanent physical disability or death. [...]

20

Jul '21

Keyman Insurance (FAQ)

Would your business survive if a key member of staff suddenly passed away? This is probably the worst-case scenario for most, but it is a fact that the sudden death or long-term absence of a vital employee could be destructive for a company's success. This is where Keyman insurance comes in.   1.What is Keyman insurance?  Keyman or key person insurance is purchased by a business in order to insure the life of who they consider their most valuable employees. [...]

20

Jul '21

Employers' Liability Insurance FAQ

When you have employees, their health and safety while at work should be of the utmost importance. To ensure that, all employers are required by law to obtain an Employers' Liability insurance so as to be covered in case there is a work-related injury or illness. 1.What is Employers' Liability insurance? Employers’ Liability is a key type of insurance which safeguards businesses and any other type of employers from legal liability and damages if any of their employees sustains bodily harm, illness or fatal injury in the course of their employment. [...]

19

Jul '21

Professional Indemnity Insurance FAQ

Though the term was previously reserved for more mainstream professions, a 'professional' is now regarded as any person who offers specialist advice or services to another. As the definition has expanded, so has the possibility for making mistakes during work and consequently causing financial loss.This is where Professional Indemnity Insurance comes in to protect you.   1.What is Professional Indemnity (PI) insurance? Professional Indemnity Insurance is a policy designed to protect business owners, freelancers and the self-employed in case a client claims their services were subpar and decides to sue. [...]

19

Jul '21

Directors and officers liability insurance (FAQ)

Directors & Officers Liability insurance (also referred to as D&O insurance) offers essential coverage for companies and non-profit organisations of all sizes against legal claims made by clients, investors, employees and other parties. Here are some of the most common questions about it answered.   1.What exactly is D&O Insurance? Directors & Officers Insurance covers legal liabilities and assets in case the directors and officers in a company are sued because of alleged or actual wrongful acts committed within their positions. [...]

12

Jul '21

A decade of cyber attacks: the biggest hacks of 2011-2021

With more than half the world population now online and roughly a million more joining the internet each day, it is no wonder that cyber crime is also rapidly on the increase. The digital nature of virtual technologies used by people on a daily basis makes them vulnerable to cyber attacks that can take a multitude of forms - from data breaches and ransomware to the large-scale overtaking of systems with potentially devastating consequences. [...]

12

Jul '21

Insurance, or how to protect your home and property against theft

Home insurance is the most effective way to protect your home. Unfortunately, burglary and crime in general have significantly increased in Cyprus since joining the EU in 2004. The main reason behind that is that Cyprus has become a particularly attractive destination for foreign nationals looking to have a second home in Cyprus. Most foreign nationals stay in Cyprus for only a short period of time, making their homes easy targets for thieves. [...]

12

Jul '21

Traffic Laws - Violations, Penalties and Penalty Points

In this Pitsas Insurances article you can find a list of predicate offenses, as well as penalties and fines applied by Cyprus Police to offenders. Of course, the list we publish is not exhaustive, but it can serve as a guide for the most common and frequently occuring violations and their consequences. Before proceeding, we would like to emphasize that the situation with offenses taking place on the roads in the world in general and Cyprus in particular has become quite serious in recent years. [...]

9

Jul '21

Boat insurance

If you own or operate a boat, yacht or another marine vessel, marine insurance can cover your risks of loss, damage, theft or breakdown of your vessel, harm to its passengers, as well as costs associated with causing harm to the health and property of third parties as a result of an accident. In this article we would like to tell you about the main parameters and features of marine insurance that you may encounter in the process of choosing the insurance policy you need. [...]

9

Jul '21

Health insurance: pre-existing conditions

At Pitsas Insurances we strive to provide our clients with extended coverage at the best possible prices. Therefore, we have concluded cooperation agreements not only with Cypriot, but also with the largest international insurance companies. The conditions that make our contracts especially attractive are the coverage of the costs of an ophthalmologist and dentist, as well as coverage of the costs of up to €1,800 for Chinese medicine and up to € 6,000 for physiotherapy. [...]

9

Jul '21

Immigration insurance: procedures for obtaining compensation for medical expenses

With this article, Pitsas Insurances will inform you about the procedures required for obtaining compensation for your medical expenses if you have a health insurance policy for the Cyprus Immigration Service. So if you have any health issues, you can visit your doctor at any private clinic in Cyprus (regardless of your city of residence in Cyprus). Then you will need to provide us with the following documents (originals): invoice; confirmation of payment for medical services and medicines (check, receipt, prescription for medicines); [...]

6

Jul '21

Residential property and content insurance in Cyprus

If you have purchased residential property in Cyprus, Pitsas Insurances recommends insuring it against earthquakes and fire, as well as insuring the property against theft. Insurance companies offer a fairly large number of types of residential real estate insurance, the insurance coverage of which ranges from minimal to full. Therefore, the insurance policy should be selected individually, depending on your property and needs. The cost of the insurance depends on the chosen insurance plan, the value of the real estate and the value of the property. [...]

28

May '21

24-hour road assistance to the driver (CNP)

If you need road assistance or assistance in an accident, call 77778283 The “Road Assistance” service is provided to our customers free of charge 24 hours a day, 365 days a year in the territories controlled by the Republic of Cyprus. The service is provided by a special provider company (Road Service). The roadside assistance includes towing, wheel replacement, assistance in case of lost keys or lack of fuel, solving battery problems, minor on-site repairs, tow truck services (for more details on the road assistance conditions see thelink). [...]

27

May '21

24-hour road assistance to the driver (AIG)

If you need road assistance or assistance in an accident, call 22435510 Road assistance is provided to our customers free of charge 24 hours a day, 365 days a year on the public roads of the Republic of Cyprus and in the territory controlled by the British Armed Forces (British military base). Road assistance will be provided by the partner company (Road Service) in cases where the vehicle is immobilized due to mechanical or electrical breakdown, accident, fuel/oil/water leakage, punctured tires and door locking. [...]

27

May '21

What is included in the 24/7 road assistance (CNP)

For road assistance call 77778283 As a part of the provision of the “Road Assistance” service the company cooperating with us – the service provider (Road Service) may perform the following actions: 1.Vehicle towing If mechanical/electrical damage has stopped your vehicle, our specialists will arrive on site to have it repaired as soon as possible with just one phone call. 2.Tire change If your vehicle is immobilized due to a flat tire, our technicians will replace the tire on site or take you to the nearest garage for repair. [...]

21

May '21

DEFINIZIONI DI ASSICURAZIONE: TUTTO CIÒ CHE I CONDUCENTI DEVONO SAPERE (IT)

E’ importante comprendere le definizioni di assicurazioni di auto e dei tipi di copertura in modo tale da proteggersi quando occorre. Molti guidano auto, ma quanto sono davvero a conoscenza della loro assicurazione e della loro copertura? E’ importante possedere un’assicurazione auto per autotutelarsi durante la guida, oltre a proteggerti inoltre, questa è garante del rimborso in caso di perdita o incidente, stabilito da una legge. Se, ad esempio, durante la guida si è distratti si investe un pedone, l’assicurazione garantisce il pagamento totale del danno. [...]

20

May '21

Life insurance: main types and key aspects

Life insurance is a personal insurance that allows to receive a material compensation in case of unforeseen events such as accidents, illness or death of an insured person. All expenses will be compensated by the insurance company, so in some cases life insurance can be considered as a good way to increase an income. Life insurance consists of 2 groups: classic life insurance and endowment or mixed life insurance. 1) Classic life insurance (also known as "classic risk insurance") refers to simple insurance policies against an accident (death or disability) or any other specific event determined by an insurance contract. [...]

6

Apr '21

The МОТ test: governmental vehicle inspection

Each vehicle must be regularly inspected (usually once a year or every two years) to get a confirmation from an authorized institution that all its components are kept in good condition. Depending on the vehicle category, this inspection must be held by the Center of Technical Inspection of Common Use Vehicles (KEMO) or by the Center of Technical Inspection of Private Vehicles (I.K.T.E.O.). The technical inspection that was mentioned above, as well as the I. [...]

8

Feb '20

Employers' liability insurance in Cyprus

With this article, Pitsas Insurances aims to provide its readers with the most essential information about the purpose and features of employers' liability insurance in Cyprus. In accordance with the Legislation of the Republic of Cyprus, starting from 01.01.1997, all the employers operating in Cyprus are required to conclude an Employer’s Liability Insurance Contract with an authorized licensed insurance agency. It is the employer's responsibility to check whether the insurance agency with which the Insurance Contract is concluded is authorized. [...]

20

Jan '20

General Healthcare System and Private Insurance

What is GHS and how does it affect private insurance? The General Healthcare System (GHS) is an independent insurance fund through which clinics, private doctors, pharmacists, laboratories, microbiological laboratories, and physiotherapists will be paid so that they can offer medical care to permanent residents of Cyprus who will be paying contributions to this fund. Already, as of 1st June 2019, the first phase of the project has been implemented with the provision of coverage for out-patient care expenses [medicines, laboratory tests, imaging tests (Scans, x-rays, CTs, MRIs)]. [...]

20

Jan '20

Life of British Expats after Brexit

1. How many UK citizens live in Cyprus? According to a 2018 census, the total number of foreign nationals living in Cyprus is 155,600 (meaning approximately 18% of the total population living in the areas under the control of the Republic of Cyprus). According to the same census, approximately 25,000 UK nationals living on the island. These figures are definitely underestimated due to the fact that a large number of European citizens, including Britons, who own a house in Cyprus, have not so far applied for certificate of permanent residence. [...]

11

Jan '20

Professional Indemnity Insurance at a glance

Why become insured: Coverage for actions or neglect arising from civil law and other existing divergences contingent on each profession. Provisions for the protection of natural or legal persons’ reputations. Exposure to potential clients. Insurance coverage provided:  Compensation for third-party claims arising from the job’s negligent practice. Third-party claims due to defamation or slander. Breach of copyright/breach of duty/breach of confidentiality. Defense expenses regardless of the validity of the accusation. [...]

7

Jan '20

How Does Immigration Insurance work?

What is immigration health insurance for? Medical insurance for the Immigration Service is the minimum medical insurance required for all the foreigners residing in Cyprus. Foreign nationals who intend to temporarily or permanently reside in Cyprus must apply to the Cyprus Immigration Service for a residence permit. The most popular types of permits issued by the Immigration Office are: Permit for temporary residence in Cyprus, which must be renewed annually (Residence Permit). [...]

6

Jan '20

Insurance for foreign nationals: claims procedure in case of medical expenses

If you are facing any health issue, you may visit the doctor of your choice in any Cypriot private clinic. You will then need to provide our office with the original pertaining documents (invoices, payment receipts, test results, X-ray exam results, doctor’s report etc.) Our office will provide you with a form your doctor will need to fill in (the aforementioned form can also be sent to you through email). This form is for the doctor to analytically write down all the results from his tests. [...]

6

Jan '20

Medical Insurance: the procedure required for claims in case of medical expenses

This brief article is meant to describe the correct procedure you need to go through in order to properly claim your medical expenses when you have medical insurance. It must be noted that the procedure differs depending on the kind of expenses (inpatient, outpatient), as well as the kind of insurance company you have a contract with (Cypriot or international). In either case, you are free to select the doctor and clinic of your liking in Cyprus or abroad. [...]

2

Jan '20

The main types of motor insurance in Cyprus

What are the three main motor insurance contracts in Cyprus and what they cover in brief: Third Party Liability This insurance is obligatory by law. In case you get involved in an accident with another driver, it exclusively covers the other driver’s expenses. It also allows you to drive other vehicles of the same type, as well as offer road assistance and autohelp when needed. Other drivers of the vehicle and the passengers are covered too in the event of an accident. [...]

1

Jan '20

Claims procedure in case of a car accident

If you are involved in an accident with or without the participation of other drivers you need to follow these steps: Don’t leave the scene of the accident. Immediately call the Road Service (Road Assistance Service) and the insurance company (you can find its phone number on your insurance policy or the information leaflet from your insurance company or agent). Wait for your insurance company representative to arrive. [...]

1

Jan '20

Documents required for motor insurance

  Phone number (Cypriot and international) (Note 1) Email address (Note 1) Utility Bill (electricity, water or telephone) Copy of national driver's license, Cypriot or international. Both the photo page and the page with the type of vehicles the driver is allowed to drive need to be photographed. (Note 2) Passport copy Title deed copy (Note 3) Certificate from previous insurance companies for the last 5 years (Note 4) [...]

30

Dec '19

Professional indemnity insurance

Pitsas Insurances, with more than 35 years of experience, is one of the leading providers of professional indemnity insurance services in Cyprus. Our standard professional insurance contracts provide cover for the legal costs and expenses arising from claims related to errors and omissions. The most common areas of risk are: Breach of Duty (Professional liability) Intellectual property infringement, i.e. unintentional infringement of any intellectual property right Defamation and libel Loss of goods or money Loss of documents or data for which the insured is legally responsible. [...]

17

Dec '19

Directors and Officers Liability Insurance in Private Companies

The Directors and Officers Liability Insurance does not only apply to state-owned companies. The owners of family businesses are sometimes under the false impression that they do not need coverage by this insurance. Of course, once they are forced to deal with a claim and bear the defense expenses; or even worse, when they have to pay compensations or a settlement amount, they quickly change their mind. The directors of private companies may be sued by a number of claimants for various reasons. [...]

17

Dec '19

Directors and Officers Liability Insurance in State-Owned Companies

The rapid expansion of the Directors and Officers Liability insurance, known as D&O, in the political world is due to various factors including: The unlimited liability of the company’s officers The influence of the European Union Directives The formal and strict environment of corporate governance The modern views attributing liability to the companies’ officers and seeking more transparency in the accounts of companies The globalization and the wide publicity of failures and company scandals. [...]

17

Dec '19

LIFE INSURANCE WITH ADDITIONAL BENEFITS

​​​​​​ Pitsas Insurances provides life Insurance policies with the following additional benefits: Waiver of Premium Supplementary Premium Protection Additional Term Insurance Permanent Total Disability Monthly compensation due to Permanent Total Disability Maximum Critical Illness Benefit Accidental Death Waiver of Premium People aged between 20 and 55 are insured and coverage is provided until the insured reaches the age of 65. Benefits are paid until the policy expires or until the disability ceases or until the anniversary following the insured’s 65th birthday. [...]

3

Jul '19

CYBER ATTACK INSURANCE (CAI)

1. Introduction As Robert Mueller (FBI Director 2012) put it: “There are only two types of companies: those that have been hacked and those that will be” Virtually every business relies on data and computer systems. When these systems experience a virus or other computer attack (cyber attack), a business is at real risk of losing critical information that is essential to daily operations and potentially exposing itself to third-party liability. [...]

3

Jul '19

Cyber Hacks Cost Billions- Is Your Business Insured?

Cyber attacks cost companies 400 billion dollars each year and even the biggest companies in the world have fallen victim. Do we know that your IT department takes every security precaution possible to protect your business, clients, and employees but are you financially covered if the worst happens? What Hackers Can Steal From You Right Now Confidential client records Client credit card & bank details Employee social security/passport details Passwords & website access details Confidential emails, documents & contracts With today’s technology and social media accessibility, a hacker can expose your confidential information at light-speed leaving you vulnerable to further hacks or in many cases lawsuits resulting from broken nondisclosure and data protection agreements. [...]

16

Apr '19

Seven new bills for stiffer traffic penalties

Thousands of euros are spent by Cypriots according to the latest police statistics on fines for road traffic offenses each year. A package of 8 laws passed by the Council of Ministers significantly increases fines for road traffic offenses. The 7 amending bills and the draft Regulations approved by the Cabinet provide an increase in the extra-judicial fine from € 85 to € 300 in case of using a mobile phone while driving, but also for driving without a safety belt or helmet, and the same applies to the violation light signal. [...]

12

Feb '19

Property Search in Cyprus

Do you have an exciting investment project in Cyprus or an innovative business idea and you want to reach potential investors worldwide? Register your project in the Database of Amazon Consulting and boost its visibility to a large network of international investors! Get funding from investment funds, venture capitals, European subsidies, banking institutions, strategical partners! Our portfolio includes hotels, business centres, shopping malls, student dormitories, theme parks, businesses, start ups, universities, rental businesses. [...]

28

Nov '18

Financial Institutions Corporate Guard Directors and Officers Liability

The Insurance Covers under this policy are afforded for Claims first made against an Insured during the Policy Period and reported to the Insurer as required by this policy. In consideration of the payment of the premium the Policyholder and the Insurer agree as follows: 1.1 Management Liability The Insurer will: pay to or on behalf of each Insured Person any Loss except to the extent that the Insured Person has been indemnified by the Company for the Loss reimburse the Company for any Loss for which it has indemnified an Insured Person. [...]

28

Nov '18

Limits and Retentions on Directors and Officers Liability

Limit of Liability The total amount payable by the Insurer under this policy shall not exceed the Limit of Liability where the Insurer’s liability is excess of the Limit of Liability. The Insurer shall have no liability in excess of all such limits, irrespective of the number of Insureds or amount of any Loss. Each Sublimit of Liability specified in the Schedule is the maximum the Insurer shall pay for the cover to which it applies and is part of the Limit of Liability. [...]

6

Nov '18

The Investment Program of Malta for receiving EU Citizenship

A.Introduction The Maltese Investment Citizenship Program offers a second citizenship to third country residents wishing to move their personal or business affairs to an EU country. Citizenship granted through this investment scheme is valid for life and it is passed on to future generations by descent. Malta has been a full member of the EU since 2004 and is member of Schengen zone since 2007. Maltese citizenship grants have access to all investment and business opportunities in Malta and other EU and EEA countries. [...]

5

Nov '18

Cyprus citizenship through investments

   The Cyprus economy in the past few decades has been an ideal environment model for foreign investments. In order to encourage foreign direct investments in recent years, the Cyprus government has launched a special program allowing non-Europeans to be able to apply for a Cypriot Passport through investment or business ventures. As a citizen of a European state, the holder of a Cyprus passport will be able to enjoy the benefits of European interior market, such as free movement of goods, services and capital along with the ease of living permanently in any EU country, as well as the visa-free access to 147 different countries worldwide. [...]

31

Oct '18

How to fill out a claim form for home insurance

 Should you wish to make a claim under your policy, you should initially read the relevant section of the Policy Wording together with the Policy Schedule to check whether you consider the claim is covered by this policy. Please contact us as soon as possible on +35 26600620 during office hours. Remember the following points: You must at all times provide without expense to us, any information or help that we reasonably ask for. [...]

31

Oct '18

Expatriates Home Insurances Terms

  Buildings insurance If you selected Buildings insurance, and chose the ‘Standard cover’ option the following coverage will apply: For a full list of exclusions please refer to the Policy Wording. Significant features and benefits Your home is covered against damage caused by the following perils: Fire, smoke, lightning, explosion or earthquake, storm, flood, freezing of water in any part of the plumbing installation, fixed water or fixed heating systems, subsidence, escape of water/oil (including the costs you incur in locating the source of the damage up to €5000 and replacing damaged waterpipes up to €1000), theft, impact, malicious damage, vandalism and other similar causes. [...]

29

Oct '18

Home Insurance for expatriates

 Period of insurance Expats Home Insurance is an annual insurance contract which may be renewed each year subject to the terms and conditions applicable at the point of renewal invitation. Purpose of insurance This product is suitable for expatriates who work or have retired in Cyprus and covers the sections that you have selected and the sums insured shown on your policy schedule as detailed below: If you have chosen Buildings Insurance, we will provide cover for the structure of your home including garage and outbuildings, its fixtures and fittings, boundary and garden walls, carport, gates, hedges, fences, footpaths, patios, terraces, drives, tennis courts, swimming pools, hot tubs, garden ponds, statues and fountains that are permanently fixed into the ground, greenhouses, solar panels, septic tanks, gas or oil central heating tanks all forming part of the home which are used for domestic purposes only, against loss or damage from specific perils summarized over the page and detailed in your policy wording. [...]

24

Oct '18

Chinese Investments in Cyprus

We are glad and proud to inform you that after considerable effort and assistance from the China Desk which is based in Paphos and is part of the Cyprus-China Business Association, we expect in April/May 2019 a targeted delegation (8-10 companies) from the venerable China Investment Association, accompanied by Chinese Government officials.  The areas of interest for actual investment are: Renewable Energy, such as: Solar energy, Wind power, Garbage disposal, Waste treatment etc. [...]

10

May '18

Do you insure people with diabetes?

We come across this question extremely often and in this article, we will try to give an insight into the way we assess this type of cases.   The main answer we have is that we do not adjust our regular premiums for new clients in order to include cover for pre-existing medical conditions. When a client discloses some medical conditions on the Full Medical Underwriting Application Form, our underwriters will assess the information and make a decision. [...]

17

Apr '18

CYPRUS BANKING CRISIS

Since 2008, has launched a first-class crisis on the Cypriot economy and society with the bankruptcy of a Cypriot bank Laiki in March 2013. This was the priming for the deterioration of the country's living standards with chain influences such as rising unemployment and deduction of the national income of the country as a result the corrosion of the social structure. The European Union and the International Monetary Fund, looking at the unprecedented expansion of the Cyprus banking system, the heavy fiscal deficit and the increase in the country's public debt, decided that the public sector and the banking system should be upgraded. [...]

12

Apr '18

An investment of billions from a Cypriot businessman to the Zimbabwe

The Pitsas Insurances team is particularly proud of the new international business venture of our great friend and client, Mr. Loucas Pourouli. The Cypriot company Karo Resources, managed by the Pourouli family, is going to invest $4.2 billion for the development of an ambitious platinum extraction investment in the post-Mugabe era of Zimbabwe. The investment that transforms Zimbabwe Since assuming his duties, the new Zimbabwe president has committed to promote institutional reform in order to attract the interest of foreign investors. [...]

9

Apr '18

Limitations for expatriates insurance

In Pitsas Insurances our commitment is to be able provide medical insurance services to locals and expatriates in Cyprus. Nevertheless, as many customers have noticed our international medical insurance plans have some limitations regarding the expatriates with permanent residence outside Cyprus. This has to do with the insurance regulations in the countries of the expatriates. Firstly, there are certain countries with insurance regulations which require all residents to have medical insurance, but where there are very specific features the medical insurance must have. [...]

9

Apr '18

Limitations of Area of Cover

Our clients can purchase our plans with a geographical Area of Cover which is not fully ‘Worldwide’, e.g. ‘Europe’ or ‘Worldwide excluding USA’. Those clients have chosen to restrict their core medical benefits to a specified Area. However, they enjoy a special ‘bonus’ benefit which is ‘Out of Area’ cover. This will cover them for emergency in-patient medical treatment during any trips outside their chosen Area (for example to the USA), up to a maximum annual value of €60,000 and for up to 42 nights per year. [...]

9

Apr '18

Why we choose ALC Health?

Many of our clients ask about the insurance industry rankings and why we chose to cooperate with specific international medical insurance providers, such as ALC Health. Unfortunately, there are not any official published statistics from any of the international medical insurers, for this reason the task of our team and its advisers was extremely difficult. Nevertheless, we are keen to provide a short insight about our choices. The reason why we chose to cooperate with ALC Health are: [...]

12

Mar '18

Enter the Chinese Market

Take part in the first International Trade Exhibition of China which will be held from 5 until 10 of November 2018 in Shanghai and promote effectively your company’s services and products in the most dynamic economy of the world. It is expected the participation of more than 150,000 businessmen from all over China.   In order to open the Chinese market to the world actively, Chinese President Xi Jinping announced that China will hold the first International import Expo of China (CIIE) starting from 2018. [...]

11

Mar '18

Is 2018 the year of the next global financial crisis?

For Bill Gates, founder of Microsoft, the next financial crisis is just inevitable. During an interview on February 2018 hosted by the on-line social platform Reddit, Mr. Gates claimed that a global financial crisis similar to that triggered by the bankruptcy of Lehman Brother in September 2007 should be expected in the following two years. But which are the reasons behind Mr. Gates pessimism? The Dow Jones Industrial average, the main stock index of the USA stock market, has increased by more than 65% in the last five years (2018), indicating a strong investor’s trust in the economic prospects of the global economy. [...]

16

Nov '17

THE TERMS THAT MAKE OUR HOUSE INSURANCE THE BEST!

  Pitsas Insurances is one of the most experience providers of house insurance in Cyprus. We tirelessly analyze the insurance products, provided by the most prestigious international insurance companies, and we hand-pick the contracts with the best terms. Our comprehensive insurance policy beyond the standard covers is extended to cover: Theft and attempted theft (Our policy covers theft not accompanied by actual forcible and violent breaking into or out of a Building or any attempt thereat). [...]

10

Oct '17

Benefits of our Group Insurance Policies

In Pitsas Insurances we offer an excellent range of options for corporate groups. For small groups especially, we offer discounted prices, flexibility about their choice of benefits, and preferential underwriting terms. We are often asked ‘what is your minimum size for an employee group?’.  We can actually set up a group scheme with just a single employee.  Why would this be of interest to a company? Firstly, the premium will be at a small discount to the price which would be paid by an individual (non-group) applicant. [...]

12

Sep '17

Paphos Real Estate Market 2017

Paphos, a coastal city rich in history in culture located in the western part of Cyprus, is the capital of Paphos District. The area of the district is 1,393 km², which constitutes 15.1% of the total area of the island. According to the 2011 Census, it has a population of 90,295, out of which approximately 36% are overseas nationals compared to the average 24% for Cyprus. The local economy is mainly based on agriculture and tourism, with the district receiving about a third of tourist arrivals and having the highest number of four and five-star hotels on the island. [...]

27

Aug '17

Directors & Officers Insurance

Surge of Lawsuits According to the advisory company Towers Watson & Co during the decade 2001 – 2011 in USA the 69% of the public traded companies and the 21% of the private companies have faced a shareholder’s case suit. In Cyprus, the financial crisis of 2013 created inevitably favorable conditions for the upsurge of lawsuits. Pointedly, the most renowned of these conditions are: The commitment for social justice instigates government prosecutors to the intensification of investigations for the disclosure of scandals and wrongful acts. [...]

31

Jul '17

Cyber Attack Coverage

The CAI helps clients prevent and safeguard against sensitive data breaches, computer hacking, employee error and more. The coverage includes the following categories of expenses: Cost for the assessment of the problem (forensics) Cost of a Crisis Management Expert Cost of informing affected clients. Fines and sanctions against the company Legal Advice. Cost of the negotiator in the cases the hacker requires ransoms Payment of ransoms.  Our company cooperates with the global negotiations expert company NYA International which consists of former army officers and special agents. [...]

5

Jun '17

10 Reasons to insure Your Life

We all try hard to materialize our dreams, accomplish our aims, create a safe environment for those we love, and achieve a high standard of living. The path to the future and economic success is full of challenges, opportunities, and dangers. Life insurance is the optimum solution for the protection of your family Life insurance is the most important insurance program as it ensures sufficient monetary capital to the legitimate heirs in the case of a loss of life. [...]

5

Jun '17

Car Accidents in Cyprus

According to the World Health Organization, more than 1.2 million people around the world die because of road accidents. This makes them a leading cause of preventable death globally, especially among young people. In the European Union alone, more than 26,000 people died on the roads in 2015, while Cyprus in particular topped the charts for the biggest increase in the number of fatal accidents that year. While the European Commission has adopted an ambitious Road Safety Programme that aims to drastically cut the number of road deaths by 2020, are those measures enough? [...]

5

Jun '17

Medical insurance in Cyprus

Nobody really plans on getting sick or hurt; people tend to forget there is a possibility of things like that happening until they actually happen. Unfortunately, getting quality healthcare can be very costly, which means it could become a massive financial burden for both the patient and his/her family. This is why medical insurance is absolutely essential if you want to be at ease about any possible issue that should arise. [...]

4

Jun '17

What you should do in case of a car accident

In case of an accident, you need to take a number of steps that will insure the safety of those around you, keep your actions within the law and start the process of reviewing the insurance claim. Step 1. Help the victims Examine yourself and others for injuries. If someone is injured as a result of an accident CALL EMERGENCY SERVICES AT 112 or ask somebody else to do it. [...]

3

Jun '17

Payment of road tax

ROAD TAX Road (transport) tax is calculated depending on the volume of the engine, the weight of the vehicle, the type of fuel it uses, the date of issue and the volume of emissions of harmful substances into the environment. The proof of payment of tax is a road license, which indicates the date of its issue and the month of expiry (see the photo below in the text).   ### How to renew your Circulation License Circulation License can be renewed throughout the year online, at banks, citizen assistance centers, at district post offices, as well as at the district offices of the Road Transport Department of the Ministry of Transport of Cyprus. [...]

1

Jun '17

Aviation Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Building And Contents Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

C.A.R. Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Cyber Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Electronic Equipment Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

House Insurance (FAQ)

**1. I rent the house I live in, do I need the insurance?**   Of course you do. We will be happy to offer you insurance for your property, even if it is not yours strictly speaking. Our only criteria are that the objects that you intend to insure must belong to you and, therefore, you have an economic interest that creates the need to protect them. To determine the values and objects to be insured, imagine that in some sort of unrealistic scenario, your house turns upside down. [...]

1

Jun '17

Immigration Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Income Protection (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Investment Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Jointly Owned Building Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Life And Critical Illness (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Life Insurance With Critical Illness (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

1

Jun '17

Medical Insurance (FAQ)

For the moment there are not any additional questions. Send your questions to the email: [email protected]

Ready to talk to us? Interested in visiting?
Contact [email protected] or
call us on 700 70 500